Legal Question in Business Law in Arkansas

Hi,

I am selling a retail business. I have a 20 year lease on it. If I sell the corporation does the lease get transfered. Also what information by law I have to provide to landlord.

Thanks


Asked on 11/11/10, 12:54 pm

1 Answer from Attorneys
Kevin B. Murphy Franchise Foundations, APC

As a franchise attorney I can say on the provisions of your lease. In most cases, the lease cannot be assigned or transferred to any one else without the landlords prior written consent. In some cases there is a fee involved. The landlord can (and likely will) keep you on the lease for the remaining balance of the term, even if the lease is assigned. Consult with a good business or franchise attorney in your area for specific advice.

Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.

Franchise Attorney

Franchise Foundations APC

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Answered on 11/16/10, 2:25 pm


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